9 Secrets of The Self-Made Wealthy
After studying the wealthy for as long as I have (32 years), let me fill you in on a little secret: you already have everything you need to become a millionaire. You just need to change the way you think about money. I know what you're thinking: easier said than done. And you're right! It's not that easy, but becoming wealthy does start with your thinking.
Here are nine secrets the self-made wealthy use to make money, and you can use them too.
- Formal education isn't required. The rich certainly respect formal education, but it's not required to make money as an entrepreneur in today's world. The secret to making the big bucks: ideas that solve problems. Since there is no shortage of ideas one can come up with, there is never a shortage of money.
- Use logical and emotional thinking: The middle class blends emotional thinking in their decision making process, which clouds their judgment. The rich use left brain, logic-based, emotionless thinking to make decisions in regards to earning, investing and saving money. They use emotion to motivate themselves to take action. Both forms of thinking have value. The secret is to know when to use which, and avoid blending the two.
- Expectations are everything: You get what you expect, and that's true with money. Most people have very low expectations when it comes to money. Start thinking big. Expect $100,000, $500,000 or even one-million dollars this year. You might not make that much but you'll be thinking big and more likely to attract the bigger bucks.
- Stop being afraid: Most people are terrified by money because they're always thinking about running out. Lose the fear and scarcity mindset and start seeing money for all the good things: freedom, opportunity, possibility and abundance. Life is a lot better when you have a positive association with money.
- Join the club: Consciousness is contagious. If you wanted to lose weight, you would join a gym and get around fit people. If you wanted to become more religious, you would join a church, temple or other religious body. If you want to make more money, get around the wealthy. Learn from them. Watch how they do business. Notice how they think about money. You'll think you're living on a different planet.
- Vaccinate yourself from Either/Or Syndrome: Most us of have been told we can't have it all, and we must choose between having a balanced life and being rich. The rich know you can have whatever you want, and through leverage you can earn more while working less.
- Stop waiting for it: Many people think some outside force is going to make them rich. They think the money is just going to come to them. They think maybe they'll win the lottery. Maybe they'll inherit it. The hero on the white horse isn't going to come riding in to save the day. Stop waiting for your ship to come in and build your own ship.
- Don't worry about what other people think: Force yourself to grow up emotionally, get mentally tough and overcome any addiction you have to the approval of other people. When you're broke and chasing what the masses see as a "pie in the sky," impossible dream, many of them will discourage you and plead with you to be realistic. Keep in mind that the concept of 'Realism" is subjective. One person's idea of realism is earning $50,000 per year and another's is earning $500,000. Learn to let go of the middle-class thinking of the masses, while simultaneously learning to embrace how rich people think.
- Use non-linear thinking to earn more money: Most of us are taught to trade hours for dollars, which is the reason the average person makes little money. The rich earn their fortunes tapping their creativity and coming up with new ideas that serve people and solve problems. It's not how many hours you can work or the amount of midnight oil you can burn; it's about training your mind to think about old problems in new ways.
If you want to earn more money, it starts with your thinking. Your thinking dictates your behavior, and your behavior dictates the results you get.
If you're rich, keep thinking the way you're thinking. If not, maybe it's time to change the way you think about money. It might just make you rich!
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